Tuesday, 19 September 2017

Three Ways To Introduce Profligate Friends To The Frugal Way

When you have discovered the benefits of frugality, it can feel like you’ve cracked the code to life. Your money is going further, you’re less wasteful, and you’re reaping the benefits of such close attention paid to your finances.

When we discover something good, most of us have a tendency to want to shout it from the rooftops and share our good fortune with our friends. However, those friends -- who have yet to embrace the benefits of frugality -- might be resistant to the idea. If you genuinely think that they could benefit from being more frugal, then it’s up to you to convince them to give it a try. If you’re dealing with someone who is particularly stubborn, then you might have a fight on your hands -- but it’s one you can win if you’re persistent.

To bring your friends into the frugal fold, try these three strategies that can help you persuade them to take a further look at their financial habits.

#1 - Get Them To Check Their Credit Score

Most people know they have a credit score, but don’t pay particular attention to it. If you guide your resistant friend towards checking their score, they might be in for an unpleasant surprise. This gives you a chance to show them how they have taken their eye off the ball, and how you can help them get back on track. If they do have a particularly bad score, you can showcase your know-how and direct them to the likes of creditrepair.co so they can begin to put it right.

#2 - Show Them How Much Extra They're Paying For Services

As forbes.com points out, a huge number of people are overpaying for essential services -- and your friend might be one of those people. If they are willing, go through their monthly outgoings and see what they’re paying for services like broadband and their heating costs. If they haven’t been particularly financially prudent, then you can show them how to compare prices and switch to get a better deal.

Not only does this highlight to them how their lack of frugality has been costing them money, but it also shows that there is always a way out of any financial tangle.

#3 - Challenge Them To One Month Of Frugality

If your friend is competitive, then they might quite like the idea of being challenged to be as frugal as possible for a month. Once they get in the swing of things, they might realize they quite like what they’re doing, which will encourage them to be frugal in the future.

Obviously, provide them with plenty of tips to help them get through the month in good shape. It also helps if you can provide a reward for getting through the month unscathed, such as offering to treat them to a meal out.

There is no guarantee that the above will work; some people like how they are and don’t see the need to change. The most you can do is try; even if it doesn’t work, you can enjoy the knowledge that you’ve done a good deed in making the effort.